Ant Group led a funding round for the startup Mita Network Technology, which operates in the space of the artificial intelligence industry and specializes in the development of search engines and digital tools for writing texts.
Mita, based in Shanghai, raised investments worth more than 100 million yuan ($13.9 million) during the mentioned financing round. The relevant information was published by the Chinese media last Thursday, August 8. After the financing round, the Shanghai-based startup’s market capitalization reached about $150 million.
In 2018 and 2021, Mita was also invested by Cheetah Mobile and Future Capital. Moreover, US Amino Capital has participated in past funding rounds. The relevant information is contained in the corporate database of the Qichacha platform.
Mita was founded in 2018 by Min Kerui, who graduated from Oxford University and the University of Illinois at Urbana-Champaign with a Master’s degree in mathematics and a PhD in computer science.
The startup developed its own large language model last year. Mita also launched four main apps in 2023. These digital products relate to functional segments such as web search and writing assistance.
This year, the Metaso search engine was launched, operating based on artificial intelligence. In July, 7.68 million visits were recorded on this virtual platform. The corresponding data were published by the analytical company Similarweb.
Mita also offers consumers digital solutions such as specialized law-focused translations made using artificial intelligence and analysis of law cases. The startup’s website contains information that the Xiezuocat writing program can generate an article consisting of 1000 words within one minute.
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